Natural Gas, WTI Oil, Brent Oil – Oil Rebounds As Saudi Arabia And Russia Extend Production Cuts

Key Insights

• Natural gas moved higher after EIA report. 
• WTI oil climbed back above the $81 level as Saudi Arabia and Russia extended their production cuts. 
• Brent oil moved back above the $85 level. 

Natural Gas

Natural gas rebounds as traders react to the bullish changes in weather forecasts. Today, traders also focused on the EIA report, which showed that working gas in storage increased by 14 Bcf from the previous week.

In case natural gas manages to settle back above the resistance at $2.60 – $2.65, it will head towards the next resistance level, which is located in the $2.80 – $2.85 range.

WTI Oil

WTI oil rebounds after yesterday’s sell-off as Russia and Saudi Arabia extend their voluntary production cuts for the month of September.

In case WTI oil climbs back above the $81.75 level, it will gain additional upside momentum and head towards the resistance in the $86.00 – $87.30 range.

Brent Oil

Brent oil has also managed to gain strong upside momentum as traders focused on tight supply.

A move above the $86 level will open the way to the test of the next resistance, which is located in the $88.80 – $90.00 range.

For a look at all of today’s economic events, check out our economic calendar.